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BRADFORD TRUST CO. v. MERRILL LYNCH PIERCE, FENNER

No. 73, Docket 85-9045.

805 F.2d 49 (1986)

BRADFORD TRUST COMPANY OF BOSTON, Plaintiff-Appellant, v. MERRILL LYNCH, PIERCE, FENNER AND SMITH, INC., Defendant-Appellee.

United States Court of Appeals, Second Circuit.

Decided November 5, 1986.

Attorney(s) appearing for the Case

Christopher J. Collins, New York City (Louis J. Maione, New York City, of counsel), for plaintiff-appellant.

William T. Marshall, Jr., New York City (Sullivan Marshall & McKeegan, New York City, of counsel), for defendant-appellee.

Before CARDAMONE, PIERCE and ALTIMARI, Circuit Judges.

CARDAMONE, Circuit Judge:

Appellant, the Bradford Trust Company of Boston (Bradford), the servicing agent for a group of mutual funds known as the Massachusetts Funds, liquidated two of its clients' holdings and remitted the proceeds pursuant to what it thought were its clients' instructions. It appeared later that appellant had been duped and the signatures on the instructions and documents forwarded were forgeries, even though they had allegedly been guaranteed...

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